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The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001
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- UK Statutory Instruments
- 2001 No. 995
- Regulation 10
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Changes and effects yet to be applied to Regulation 10:
- Title words substituted by S.I. 2017/1064 reg. 4(2)
- Sch. para. 9J and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(a)
- Sch. para. 31A and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(d)
- Sch. Pt. 7 inserted by S.I. 2017/1064 reg. 4(6)(e)
- Sch. para. 2B(7) inserted by S.I. 2019/662 reg. 20(2)(b)
- Sch. para. 7B(4) omitted by S.I. 2019/662 reg. 20(7)(b)
- Sch. para. 7C(3) omitted by S.I. 2019/662 reg. 20(9)
- Sch. para. 21A(2) omitted by S.I. 2019/662 reg. 20(19)
- Sch. para. 31(2) omitted by S.I. 2019/662 reg. 20(20)
- Sch. para. 38(2) omitted by S.I. 2019/662 reg. 20(23)
- Sch. para. 4C omitted by S.I. 2021/774 reg. 2(2)
- Sch. para. 9F(6)(c) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9F(6)(d) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9I(a) omitted by S.I. 2024/107 reg. 32
- Sch. para. 9I(c) omitted by S.I. 2024/107 reg. 32
- Sch. para. 7BA revoked by 2023 c. 29 Sch. 2 para. 50(a)
- Sch. para. 3C(a)(i) substituted by S.I. 2019/662 reg. 20(4)(a)(i)
- Sch. para. 3C(a)(ii) substituted by S.I. 2019/662 reg. 20(4)(a)(ii)
- Sch. para. 3C(a)(iii) substituted by S.I. 2019/662 reg. 20(4)(a)(iii)
- Sch. para. 3G(1)(b) substituted by S.I. 2019/662 reg. 20(5)(a)
- Sch. para. 3G(3) substituted by S.I. 2019/662 reg. 20(5)(b)
- Sch. para. 7BB(4)(b) substituted by S.I. 2019/662 reg. 20(8)(b)(ii)
- Sch. para. 7BB(4)(c) substituted by S.I. 2019/662 reg. 20(8)(b)(iii)
- Sch. para. 9ZC(a) substituted by S.I. 2019/662 reg. 20(12)(a)
- Sch. para. 9ZC(b) substituted by S.I. 2019/662 reg. 20(12)(b)
- Sch. para. 9A(2) substituted by S.I. 2019/662 reg. 20(13)
- Sch. para. 9C(a) substituted by S.I. 2019/662 reg. 20(14)(a)
- Sch. para. 9C(b) substituted by S.I. 2019/662 reg. 20(14)(b)
- Sch. para. 40(1)(a)(b) substituted by S.I. 2019/662 reg. 20(25)
- Sch. para. 9(6)(d)(e) substituted for Sch. para. 9(6)(d) by S.I. 2019/662 reg. 20(10)(b)
- Sch. para. 9(6)(c) word omitted by S.I. 2019/662 reg. 20(10)(a)
- Sch. para. 2B(1)(a) words inserted by S.I. 2019/662 reg. 3
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(i)
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(ii)
- Sch. para. 9E(1) words inserted by S.I. 2019/662 reg. 20(15)(b)
- Sch. para. 9F(9) words inserted by S.I. 2019/662 reg. 20(16)(c)
- Sch. para. 2B(2)(b)(ii) words omitted by S.I. 2019/662 reg. 20(2)(a)
- Sch. para. 3C(a)(iv) words omitted by S.I. 2019/662 reg. 20(4)(a)(iv)
- Sch. para. 7BB(5) words omitted by S.I. 2019/662 reg. 20(8)(c)
- Sch. para. 9ZB(6) words omitted by S.I. 2019/662 reg. 20(11)(b)
- Sch. para. 9E(1) words omitted by S.I. 2019/662 reg. 20(15)(a)
- Sch. para. 9F(3) words omitted by S.I. 2019/662 reg. 20(16)(a)
- Sch. para. 3B(4) words substituted by S.I. 2019/662 reg. 20(3)
- Sch. para. 3H words substituted by S.I. 2019/662 reg. 20(6)
- Sch. para. 7B(2) words substituted by S.I. 2019/662 reg. 20(7)(a)
- Sch. para. 7BB(2)(a) words substituted by S.I. 2019/662 reg. 20(8)(a)
- Sch. para. 7BB(4)(a) words substituted by S.I. 2019/662 reg. 20(8)(b)(i)
- Sch. para. 9ZB(6) words substituted by S.I. 2019/662 reg. 20(11)(a)
- Sch. para. 9F(6) words substituted by S.I. 2019/662 reg. 20(16)(b)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(i)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(ii)
- Sch. para. 9I words substituted by S.I. 2019/662 reg. 20(17)
- Sch. para. 9J(1) words substituted by S.I. 2019/662 reg. 20(18)
- Sch. para. 31A(1) words substituted by S.I. 2019/662 reg. 20(21)
- Sch. para. 37 words substituted by S.I. 2019/662 reg. 20(22)
- Sch. para. 39(1) words substituted by S.I. 2019/662 reg. 20(24)
- Sch. para. 9A(2)(a)(i) words substituted by S.I. 2021/774 reg. 2(3)
- Sch. para. 9F(9) words substituted by S.I. 2021/774 reg. 2(4)(b)
- Sch. para. 9(6)(e) words substituted in earlier amending provision S.I. 2019/662, reg. 20(10)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ii)
- Sch. para. 9ZB(6) words substituted in earlier amending provision S.I. 2019/662, reg. 20(11) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iii)
- Sch. para. 9A(2) words substituted in earlier amending provision S.I. 2019/662, reg. 20(13) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iv)
- Sch. para. 9E(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(15)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(v)
- Sch. para. 9F(9) words substituted in earlier amending provision S.I. 2019/662, reg. 20(16)(c) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vi)
- Sch. para. 9J(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(18) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vii)
- Sch. para. 31A(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(21) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(viii)
- Sch. para. 37 words substituted in earlier amending provision S.I. 2019/662, reg. 20(22) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ix)
- Sch. para. 39(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(24) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(x)
- Sch. para. 40(1)(a)(b) words substituted in earlier amending provision S.I. 2019/662, reg. 20(25) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(xi)
- Sch. para. 3C(c) words substituted in earlier amending provision S.I. 2019/662, reg. 20(4)(b)(i)(ii) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(i)
- Sch. 1 para. 3G(1A) inserted by S.I. 2020/117 reg. 4(3)
- Sch. 1 para. 3G(1) words substituted by S.I. 2020/117 reg. 4(2)
- reg. 3(1B) inserted by S.I. 2019/662 reg. 19(3)
- reg. 3(1B) words substituted in earlier amending provision S.I. 2019/662, reg. 19(3) by S.I. 2020/1301 reg. 3 Sch. para. 37(f)
- reg. 5B inserted by S.I. 2017/1064 reg. 4(4)
- reg. 6(4) inserted by S.I. 2017/1064 reg. 4(5)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Title words substituted by S.I. 2017/1064 reg. 4(2)
- Sch. para. 9J and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(a)
- Sch. para. 31A and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(d)
- Sch. Pt. 7 inserted by S.I. 2017/1064 reg. 4(6)(e)
- Sch. para. 2B(7) inserted by S.I. 2019/662 reg. 20(2)(b)
- Sch. para. 7B(4) omitted by S.I. 2019/662 reg. 20(7)(b)
- Sch. para. 7C(3) omitted by S.I. 2019/662 reg. 20(9)
- Sch. para. 21A(2) omitted by S.I. 2019/662 reg. 20(19)
- Sch. para. 31(2) omitted by S.I. 2019/662 reg. 20(20)
- Sch. para. 38(2) omitted by S.I. 2019/662 reg. 20(23)
- Sch. para. 4C omitted by S.I. 2021/774 reg. 2(2)
- Sch. para. 9F(6)(c) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9F(6)(d) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9I(a) omitted by S.I. 2024/107 reg. 32
- Sch. para. 9I(c) omitted by S.I. 2024/107 reg. 32
- Sch. para. 7BA revoked by 2023 c. 29 Sch. 2 para. 50(a)
- Sch. para. 3C(a)(i) substituted by S.I. 2019/662 reg. 20(4)(a)(i)
- Sch. para. 3C(a)(ii) substituted by S.I. 2019/662 reg. 20(4)(a)(ii)
- Sch. para. 3C(a)(iii) substituted by S.I. 2019/662 reg. 20(4)(a)(iii)
- Sch. para. 3G(1)(b) substituted by S.I. 2019/662 reg. 20(5)(a)
- Sch. para. 3G(3) substituted by S.I. 2019/662 reg. 20(5)(b)
- Sch. para. 7BB(4)(b) substituted by S.I. 2019/662 reg. 20(8)(b)(ii)
- Sch. para. 7BB(4)(c) substituted by S.I. 2019/662 reg. 20(8)(b)(iii)
- Sch. para. 9ZC(a) substituted by S.I. 2019/662 reg. 20(12)(a)
- Sch. para. 9ZC(b) substituted by S.I. 2019/662 reg. 20(12)(b)
- Sch. para. 9A(2) substituted by S.I. 2019/662 reg. 20(13)
- Sch. para. 9C(a) substituted by S.I. 2019/662 reg. 20(14)(a)
- Sch. para. 9C(b) substituted by S.I. 2019/662 reg. 20(14)(b)
- Sch. para. 40(1)(a)(b) substituted by S.I. 2019/662 reg. 20(25)
- Sch. para. 9(6)(d)(e) substituted for Sch. para. 9(6)(d) by S.I. 2019/662 reg. 20(10)(b)
- Sch. para. 9(6)(c) word omitted by S.I. 2019/662 reg. 20(10)(a)
- Sch. para. 2B(1)(a) words inserted by S.I. 2019/662 reg. 3
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(i)
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(ii)
- Sch. para. 9E(1) words inserted by S.I. 2019/662 reg. 20(15)(b)
- Sch. para. 9F(9) words inserted by S.I. 2019/662 reg. 20(16)(c)
- Sch. para. 2B(2)(b)(ii) words omitted by S.I. 2019/662 reg. 20(2)(a)
- Sch. para. 3C(a)(iv) words omitted by S.I. 2019/662 reg. 20(4)(a)(iv)
- Sch. para. 7BB(5) words omitted by S.I. 2019/662 reg. 20(8)(c)
- Sch. para. 9ZB(6) words omitted by S.I. 2019/662 reg. 20(11)(b)
- Sch. para. 9E(1) words omitted by S.I. 2019/662 reg. 20(15)(a)
- Sch. para. 9F(3) words omitted by S.I. 2019/662 reg. 20(16)(a)
- Sch. para. 3B(4) words substituted by S.I. 2019/662 reg. 20(3)
- Sch. para. 3H words substituted by S.I. 2019/662 reg. 20(6)
- Sch. para. 7B(2) words substituted by S.I. 2019/662 reg. 20(7)(a)
- Sch. para. 7BB(2)(a) words substituted by S.I. 2019/662 reg. 20(8)(a)
- Sch. para. 7BB(4)(a) words substituted by S.I. 2019/662 reg. 20(8)(b)(i)
- Sch. para. 9ZB(6) words substituted by S.I. 2019/662 reg. 20(11)(a)
- Sch. para. 9F(6) words substituted by S.I. 2019/662 reg. 20(16)(b)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(i)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(ii)
- Sch. para. 9I words substituted by S.I. 2019/662 reg. 20(17)
- Sch. para. 9J(1) words substituted by S.I. 2019/662 reg. 20(18)
- Sch. para. 31A(1) words substituted by S.I. 2019/662 reg. 20(21)
- Sch. para. 37 words substituted by S.I. 2019/662 reg. 20(22)
- Sch. para. 39(1) words substituted by S.I. 2019/662 reg. 20(24)
- Sch. para. 9A(2)(a)(i) words substituted by S.I. 2021/774 reg. 2(3)
- Sch. para. 9F(9) words substituted by S.I. 2021/774 reg. 2(4)(b)
- Sch. para. 9(6)(e) words substituted in earlier amending provision S.I. 2019/662, reg. 20(10)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ii)
- Sch. para. 9ZB(6) words substituted in earlier amending provision S.I. 2019/662, reg. 20(11) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iii)
- Sch. para. 9A(2) words substituted in earlier amending provision S.I. 2019/662, reg. 20(13) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iv)
- Sch. para. 9E(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(15)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(v)
- Sch. para. 9F(9) words substituted in earlier amending provision S.I. 2019/662, reg. 20(16)(c) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vi)
- Sch. para. 9J(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(18) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vii)
- Sch. para. 31A(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(21) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(viii)
- Sch. para. 37 words substituted in earlier amending provision S.I. 2019/662, reg. 20(22) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ix)
- Sch. para. 39(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(24) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(x)
- Sch. para. 40(1)(a)(b) words substituted in earlier amending provision S.I. 2019/662, reg. 20(25) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(xi)
- Sch. para. 3C(c) words substituted in earlier amending provision S.I. 2019/662, reg. 20(4)(b)(i)(ii) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(i)
- Sch. 1 para. 3G(1A) inserted by S.I. 2020/117 reg. 4(3)
- Sch. 1 para. 3G(1) words substituted by S.I. 2020/117 reg. 4(2)
- reg. 3(1B) inserted by S.I. 2019/662 reg. 19(3)
- reg. 3(1B) words substituted in earlier amending provision S.I. 2019/662, reg. 19(3) by S.I. 2020/1301 reg. 3 Sch. para. 37(f)
- reg. 5B inserted by S.I. 2017/1064 reg. 4(4)
- reg. 6(4) inserted by S.I. 2017/1064 reg. 4(5)
Revocation of recognition: action taken before commencementU.K.
10.—(1) In this regulation—
(a)“commencement” has the same meaning as in regulation 9 above, and
(b)“relevant person” means—
(i)in relation to action taken in respect of a body or association of the kind described in section 40(1) of the Financial Services Act(1) (overseas investment exchanges and clearing houses), the Treasury, or
(ii)in any other case, the Authority.
(2) This regulation applies to action taken by a relevant person before commencement pursuant to section 37(7) or 39(7) of the Financial Services Act(2) (which relate to revocation of recognition orders under that Act), or pursuant to subsections (2) to (9) of section 11 of that Act as they had effect by virtue of section 37(7) or 39(7).
(3) Paragraphs (4) to (8) apply where a relevant person has given notice to a body or association under section 11(3) of the Financial Services Act of its intention to revoke a recognition order made under that Act in relation to that body or association, but has not notified the body or association of its determination whether to proceed to revoke that recognition order.
(4) The notice has effect after commencement as if it were a notice given by the Authority under section 298(1)(a) of the Act, giving notice of the Authority’s intention to revoke the recognition order which is treated as having effect in relation to the body or association by virtue of regulation 9 above.
(5) If before commencement the relevant person has complied with—
(a)the requirement in subsection (3) of section 11 of the Financial Services Act to bring the notice to the attention of members of the body or association in question, or
(b)the requirement in that subsection to publish the notice to other persons likely to be affected,
the Authority is to be treated as having complied with the equivalent requirement in section 298(1)(b) or (as the case may be) (c) of the Act, in relation to the notice under section 298(1)(a) which has effect by virtue of paragraph (4).
(6) Nothing in paragraph (4) or in the Act is to be treated as changing the length or affecting the continuity of the period within which, in accordance with the notice as originally given, representations might be made by any person to the relevant person pursuant to section 11(5) of the Financial Services Act, but any such representations are to be considered by the Authority as if they were representations made to it pursuant to section 298(3) of the Act.
(7) For the purposes of the Authority’s consideration whether to proceed to exercise the power to make a revocation order under subsection (2) of section 297 of the Act (but without prejudice to any exercise by the Authority of that power where it has given a new notice under section 298(1)(a) after commencement), that subsection is to be read as if the reference in paragraph (a) to recognition requirements were a reference to recognition requirements other than new recognition requirements, and as if the reference in paragraph (b) to obligations were a reference to obligations other than new obligations.
(8) A recognition requirement or obligation is to be treated as a new recognition requirement or obligation if its effect is not substantially the same as the effect of a requirement or obligation of the kind mentioned (or having effect as if mentioned) in section 37(7) (in the case of an investment exchange) or 39(7) (in the case of a clearing house) of the Financial Services Act (as those provisions had effect immediately before commencement).
(9) Paragraph (10) applies where a relevant person has made an order (“the revoking order”) under section 37(7) or 39(7) of the Financial Services Act, revoking a recognition order made in relation to a body or association under that Act, but either—
(a)the revoking order has not taken effect in accordance with section 11(2) of the Financial Services Act, or
(b)the revoking order has taken effect but contains transitional provisions pursuant to section 11(7) of the Financial Services Act which continued to have effect immediately before commencement.
(10) The revoking order has effect after commencement as if it were a revocation order made by the Authority under section 297 of the Act, revoking (with effect from the date specified in the revoking order) the recognition order which is treated as having effect in relation to the body or association by virtue of regulation 9 above, and as if any such transitional provisions were included in the revocation order by virtue of section 297(5) of the Act.
(1)
The functions of the Secretary of State under sections 37, 39 and 40 of the Financial Services Act were transferred to the Financial Services Authority (previously known as the Securities and Investments Board Limited) by S.I. 1987/942, except in relation to bodies or associations of the kind described in section 40(1) of the Financial Services Act 1986 (overseas investment exchanges and clearing houses). In relation to such bodies, these functions of the Secretary of State were transferred to the Treasury by S.I. 1992/1315.
(2)
The effect of sections 37(7) and 39(7) of the Financial Services Act is modified by section 40(4)(b) of that Act (in relation to overseas investment exchanges and clearing houses), and section 156 of the Companies Act (in all cases).
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